We currently have the following funding available for businesses in Derby and Derbyshire:
- D2 Enterprise Growth Fund – grants available to businesses across Derby & Derbyshire. This is a partnership between Derby City Council and Derbyshire County Council with funding from these two bodies and EU funding through D2N2.
- Derby Enterprise Growth Fund (DEGF) supported by the Regional Growth Fund, offers grants and loans to businesses within the Derby and the Travel to Work Area (see below for the TTWA map). Although the fund offers both grants and loans, we aim to offer loan funding rather than grant where possible to support the continuation of our scheme.
Due to high demand over the next few months the balance within the Fund is temporarily low. Until the Fund is replenished through normal process of loan repayments, applicants are advised that the Investment Panel might have to carefully prioritise new DEGF awards. Draw down of funds by projects already issued contracts in exceptional cases may have to be tapered or delayed accordingly.
If you are interested in accessing funding please complete this brief
We invite funding applications from projects that demonstrate growth and create jobs.
Our funds aim to provide:
- the minimum level of funding necessary for a project to take place,
- a maximum of 30% of the total project costs,
- a maximum of £10,000 per new full-time-equivalent job created,
- a minimum grant award of £20,000 (therefore minimum total project costs c.£67,000).
For further information on our funds, please read our DEGF guidance notes and Derby Enterprise Growth Fund frequently asked questions. If you then have any further questions, please email firstname.lastname@example.org
Please also note that the following projects are not likely to be a high priority for our funding:
- Companies operating in sectors with a predominantly local market where this is a high risk of “job displacement”. By job displacement we mean companies where job growth in a local company is likely to lead to job losses in others. Sectors where this tends to be an issue include retail, hospitality, recruitment, professional services and social care for example.
- Projects where costs are predominantly towards employment of new staff (unless there is a particularly compelling justification that investment in particular staff will directly leading to innovation or expansion within the business).
- Start Up companies with little or no trading history. We would recommend you try and source Start Up funding. For example, https://www.pushthebuttontoday.com/
- Projects where costs are predominantly revenue based.
Process and timescales when applying for our funding
- Expression of Interest - submit the online form and receive feedback within 10 working days
- Full Application - upload your DEGF application form and D2EGF Funding Application Appendices to our online system. Please also upload a copy of your latest annual accounts. This will be reviewed by the DEGF team and prepared for the next appropriate Panel meeting, approximately 4 weeks after application submission
- Panel - meetings are held bi-monthly. You will receive a verbal decision the day after Panel sit which will be confirmed in writing. You will have 14 days to accept an in-principle offer.
- ID Checks - once an in principle offer has been accepted, we will need to carry out ID checks on your key directors and shareholders.
- Due Diligence - following receipt of your in principle offer acceptance & ID checks, you will be required to pay for Due Diligence (usually between 2-4% of your funding offer). Due Diligence should take a maximum of 6 working weeks. This will include a review of your forecasts, historic accounts and project funding plan.
- Contracting - following a successful Due Diligence outcome, contracts will be drawn up. This should take approximately 6 working weeks depending on the complexity of the contract.
NB. Any funding awarded will be subject to cash flow.
For information about companies we’ve already supported please visit the Derby Enterprise Growth Fund blog.
Other support available in Derby and Derbyshire
In addition to our fund there is a variety of support available, both nationally and locally, to help you run your business and to overcome challenges you might face. Please visit our Support for your business page.
Please note that if you are a business based outside of the Derby Travel to Work Area (TTWA) but within Derbyshire you should approach the University of Derby about the availability of funds from the Invest to Grow scheme in the first instance. Find out if your business is based in the TTWA by viewing the Derby City Council TTWA Map.